RBI’s MPC Member Explains Monetary Policy, Rates, Inflation & Economic Impact | Open Dialogue | Episode 37

India’s economy is at a turning point. Structural strengths remain intact, but global uncertainty and inflation bring new challenges. How does the Reserve Bank of India balance these pressures while supporting growth?In this episode of Open Dialogue, Sameer Shetty speaks with Saugata Bhattacharya, member of the Monetary Policy Committee (MPC) and former Chief Economist at Axis Bank. They discuss the origin of MPC and how it shapes India’s economy — balancing inflation and growth through its stance and decisions. Within this framework, the RBI sets the repo rate, manages liquidity, and controls inflation. The discussion also looks at volatile CPI drivers such as onions and tomatoes, and why India needs better food storage and processing. Beyond this, they examine key reforms like GST rationalization, tax cuts, and labour reforms that can improve competitiveness. The episode ends with a focus on shifting savings, where household savings shrink while corporate savings rise, and what this means for investment and growth.Speakers-Sameer Shetty: Group Executive, Digital Banking & Strategic Programs, Axis BankSaugata Bhattacharya: Economist & Member, RBI’s Monetary Policy Committee🔔 Like, comment, and subscribe for more insights on India’s economy and monetary policy.#IndianEconomy #MonetaryPolicy #RBI #Inflation #RepoRate #EconomicReforms #GST #Transmission #Savings #Banking #MacroEconomics #StructuralReforms #Growth #Households #Corporates #AxisBank #OpenDialogueChapters-00:00 - Introduction03:00 - Big Picture: State of the Indian Economy06:42 - Taxation, GST and Economic Reforms10:56 - Factor & Regulatory Reforms16:50 - Understanding the Monetary Policy Committee (MPC)28:36 - How Interest Rates and Liquidity Are Managed38:55 - Forward Guidance, Transmission and Market Impact1:11:08 - Inflation and Food Price Volatility1:14:12 - Savings Shift & Economic Cycles1:24:05 - Closing RemarksSUBSCRIBE TO US: https://www.youtube.com/@OpenDialogueByAxis Download Axis Bank App: https://play.google.com/store/apps/de...For more informative videos and discussion on important topics related to Banking, finance & economics:LinkedIn - https://in.linkedin.com/company/axis-bank Instagram - https://www.instagram.com/opendialoguebyaxisbankFacebook - https://www.facebook.com/axisbank/Twitter - https://x.com/AxisBankCopyright:©Axis Bank Limited [2025]. All rights reserved. This video and all other videos in this channel are protected by copyright law and may not be used or reproduced without the express written permission of the copyright owner.STATUTORY DISCLAIMER:By accessing this video podcast “Podcast”, I acknowledge that Axis Bank Limited and its subsidiaries ("AXIS BANK") makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in this Podcast. The information, opinions, and recommendations presented in this Podcast are for general information only and any reliance on the information provided in this Podcast is done at your own risk. This Podcast should not be considered professional advice. Unless specifically stated otherwise, AXIS BANK does not endorse, approve, recommend, or certify any information, product, process, service, or organization presented or mentioned in this Podcast, and information from this Podcast should not be referenced in any way to imply such approval or endorsement. Moreover, AXIS BANK makes no warranty that this Podcast, or the server that makes it available, is free of viruses, worms, or other elements or codes that manifest contaminating or destructive properties.AXIS BANK EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY OR RESPONSIBILITY FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR OTHER DAMAGES ARISING OUT OF ANY INDIVIDUAL'S USE OF, REFERENCE TO, RELIANCE ON, OR INABILITY TO USE, THIS PODCAST INFORMATION PRESENTED IN THIS PODCAST